Have You Ever Wondered Why Big Brands Rely Heavily On Analytics?
Posted by nishthasingh on December 15th, 2017
Over the past few years, big data has become a competitive advantage that companies can no longer ignore. However, data has always been a key asset for some companies but over a couple of years, it has become a true competitive advantage for a variety of industries and businesses, not just the Facebooks, Amazons, and Googles of the world.
The main benefit of using data analytics is that it tells you something about the world that wasn’t known to you before.
What makes big data a competitive advantage?
First of all, CPUs and data storage have become cheap to such an extent that it’s doable to collect and analyze data that previously would have been too expensive.
Second, with the wide range of commodity tools available, we can do this without a huge investment in people and infrastructure.
Last, a lot of progress has been made as data scientists in knowing how to find value in data
Amazon, Netflix, and Tesla- Do they have anything in common?
Well, they can be either described as a data company serving retail or a data company serving media and a data company serving transportation. Each entity is something to be reckoned with, leveraging the power of data to re-imagine entire industries. No matter how business models of these companies differ, they are compelling and defensible because each relies on the data network collected by them at their core.
For those who are unaware of the term data network, it refers to a growth cycle in which data is used to acquire customers who end up creating more data which is used to improve services as well as attract more and more customers. Big data itself turns out to be a new growth model for organizations, large or small, ecommerce or non-ecommerce. Smart companies are making use of data to inform investment in their operations to build defensible business models, to deliver more effectively on their promises to customers and, of course, to reinvest in their data operations.
For example, Amazon passed Volkswagen AG late last year to become the world’s biggest corporate spender on R&D, with over billion spent in the last 12 months alone. This was only possible due to harnessing data and AI-driven applications through capturing, synthesizing, predicting, nudging and developing intelligence around rapid real-time flows of large unstructured data.
Whereas with more than 100 million members stream over 125 million hours of content every day, Netflix turns out to be a perfect example. This data includes everything from information on when viewers pause or fast-forward, how long they stick with a show, where they watch, when they watch, and much more.
And last but certainly not the least, Tesla is using this technology to build on its autonomous driving capabilities and to deliver more personalized service to drivers.
The data network has become a new growth model for business. All you need to do is fill it with the right people, culture, and resources to be in the running with the world’s business heavyweights.
Jaymin Vyas works as a Digital Marketing Analyst at Big Data Company in UK. As an out-and-out Google fan, he closely follows all their updates and events. His career progression provides a unique perspective on marketing, having been involved from the ground up with clients, conducting research for them.Also See: Data Company, Big Data, Data Network, Competitive Advantage, Data, Companies, Big
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